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<br />name that Bond is registered (the "Holder") on the registration books of the City maintained by <br />the Registrar and at the address appearing thereon at the close of business ofllie fifteenth day of <br />the calendar month next preceding the Interest Payment Date (the "Regular Record Date"). Any <br />interest not timely paid (the "Defaulted Interest") shall cease to be payable to the person who is <br />the Holder as ofthe Regular Record Date and shall be payable to the person who is the Holder at <br />the close of business on a special record date for the payment of such defaulted interest. Such <br />Special Record Date (the "Special Record Date'') shall be fixed by the Council of the City <br />whenever moneys become available for payment of the Defaulted Interest, and the Registrar <br />shall cause notice of the proposed payment of such Defaulted Interest and the Special Record <br />Date therefor to be mailed. first class postage prepaid, not less than ten (10) days prior thereto to <br />each Holder at his address as it appears on the registration books of the City maintained by the <br />Registrar The principal and interest on the Bonds is payable in lawful money of the United <br />States of America without deduction for the services of the Registrar. <br /> <br />No Bond shall be valid or become obligatory for any purpose Uriless and until an <br />authentication certificate appearing on the Bond shall have been duly endorsed by the Registrar <br /> <br />Any Bond, upon surrender thereof at the principal corporate trust office of the <br />Registrar, together with an assignment dnly executed by the Holder or his duly authorized <br />attorney in such fonn as shall be satisfactory to the Registrar, at the, option of the Holder thereof, <br />may be exchanged for Bonds of any authorized denomination or denominations in an aggregate <br />principal amount not exceeding the principal amount of the Bond so exchanged, and bearing <br />interest at the same rate and maturing on the same date <br /> <br />Any Bond may be transferred only upon the books kept for the registration and <br />transfer of Bonds upon surrender thèreof at the principal corporate trust office of the Registrar <br />together with an assignment duly executed by the Holder or his duly authorized attorney in such <br />fonn as shall be satisfactory to the Registrar Upon the transfer of any such Bond and on request <br />of the Registrar, the City shall execute in the name of the transferee, and the Registrar shall <br />authenticate and deliver, a new Bond, of any authorized denomination, in aggregate principal <br />amount equal to the principal amount of such Bond, and bearing interest at the same rate and <br />maturing on the same date. <br /> <br />in all cases in which Bonds shall be exchanged or transferred, the City shall <br />execute and the Registrar shall authenticate and deliver Bonds in accordance with the provisions <br />of this or,dinance" The City and Registrar may make a charge for every such exchange or transfer <br />of Bonds sufficient to reimburse them for any tax or other governmental charge required to be <br />paid with respect to such exchange or transfer, and the Registrar may require that such charge or <br />charges shall be paid before any such new Bond shall be delivered. <br /> <br />The Bonds, pursuant to the tenns set forth below, may also be issued to a <br />Depository (as hereinafter defined) for use in a book -entry system (as hereinafter defined) The <br />Fiscal Officer Ís hereby authorized and directed, to the extent necessary or required, to enter into <br />any agreements detennined necessary in cOlmection with the registration, authentication, <br />immobilization, and transfer of Bonds, including arrangements for the payment of principal and <br />interest by wire transfer, after detennining that the execution thereof will not endanger the funds <br />or securities of the City, which determination shall be conclusively evidenced by the signing of <br />any such agreement. <br /> <br />If and as long as a book-entry system is utilized, (i) the Bonds shall be issued in <br />the form of one fuIly registered Bond registered in the name of the Depository or its nominee, as <br />registered owner, and immobilized in the custody of the Depository; (ii) the beneficial owners in <br />book-entry form shall have no right to receive Bonds in the fonn of physical securities or <br />certificates; (iii) ownership of beneficial interests in book-entry fonn shall be shown by a book <br />entry on the system maintained and operated by the Depository and its Participants (as <br />hereinafter defmed), and transfers of the ownership of beneficial interests shall be made only by <br />book entry by the Depository and its Participants; and (iv) the Bonds as such shall not be <br />transferable or exchangeable, except for transfer to another Depository or to another nominee of <br />a Depository, without fmther actión by the Councii of the City <br /> <br />If any Depository detennines not to continue to act as a Depository for the Bonds <br />for use in a book-entry system, the Fiscal Officer may attempt to have established a secnrities <br /> <br />{KLF2636;1} <br /> <br />4 <br />